{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the FTSE MIB Index, which represents the Italian equity market. The Key Investor Information document explicitly states that the Fund aims to invest in equity securities that make up the Index, and that it intends to replicate the Index by holding these securities. This indicates physical replication, which is considered non-complex.  The document also mentions that the fund may engage in short-term secured lending of its investments to generate additional income, which is a permitted activity under UCITS and does not inherently make the ETF complex. While the investment manager *may* use financial derivative instruments (FDIs) to help achieve the investment objective, the primary method described is physical replication of the index constituents. The general presumption for UCITS ETFs is non-complex unless specific features make them so. In this case, the core strategy described is straightforward equity investment in a major index. The risk indicator is 6, but this reflects market risk and not structural complexity. The document does not indicate any use of complex derivatives for replication, leveraged structures, or underlying assets that would be considered complex. Based on the description, the ETF follows a standard physical replication strategy for an equity index, aligning with the presumption of being non-complex."
    }
}